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Battle of brokers: Velocity vs OEC! Which one to choose?
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Battle of brokers: Velocity vs OEC! Which one to choose?

  #11 (permalink)
Site Administrator
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jthom View Post
Gotta love them Velocity monthly accounting fees! Been abolished yet?

As long as you actually trade, there are no fees. But yes if you are just storing your money there, then they do have maintenance fees for inactive accounts.

Mike

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  #12 (permalink)
Trading Apprentice
Cardiff, UK
 
Futures Experience: Beginner
Platform: Sierra Chart, Think or Swim
Favorite Futures: TF
 
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Posts: 11 since Jun 2012
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Big Mike View Post
As long as you actually trade, there are no fees. But yes if you are just storing your money there, then they do have maintenance fees for inactive accounts.

Mike

OK Mikey, would you happen to know how much they charge? I do not intend just to store my money there, but would be good to get the overall picture, just in case

Thanks you both guys.

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  #13 (permalink)
Site Administrator
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chalupsky View Post
OK Mikey, would you happen to know how much they charge? I do not intend just to store my money there, but would be good to get the overall picture, just in case

Thanks you both guys.

I think it is $25 or $30 a month if you don't make 25 round turns a month.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #14 (permalink)
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Sydney Australia
 
Futures Experience: Advanced
Platform: SierraCharts, NT
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Posts: 78 since Nov 2010
Thanks: 6 given, 23 received

Answer
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Jan,
You need to consider the distance - you are based in UK you will have problems in fast markets using OEC.
Do not use OEC s/w as it is a joke of a platform. Sierra is a good and reliable platform that does work well with TT. Check though that Velocity does not charge you for an inactive account and that you can become its customer!! I was not able to join Velocity since I am in Australia and they offer their product to mainly US based traders.
I would try to use CQG, for new traders, there is a cheaper version from AMP, and it is most reliable connection for non-residents in US. This however does not connect to sierracharts
BTW - not sure if looking at websites should be enough to judge the quality of any brokers' offer.
Good Luck
David

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  #15 (permalink)
Trading Apprentice
Cardiff, UK
 
Futures Experience: Beginner
Platform: Sierra Chart, Think or Swim
Favorite Futures: TF
 
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Posts: 11 since Jun 2012
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dlatbm View Post
Jan,
You need to consider the distance - you are based in UK you will have problems in fast markets using OEC.
Do not use OEC s/w as it is a joke of a platform. Sierra is a good and reliable platform that does work well with TT. Check though that Velocity does not charge you for an inactive account and that you can become its customer!! I was not able to join Velocity since I am in Australia and they offer their product to mainly US based traders.
I would try to use CQG, for new traders, there is a cheaper version from AMP, and it is most reliable connection for non-residents in US. This however does not connect to sierracharts
BTW - not sure if looking at websites should be enough to judge the quality of any brokers' offer.
Good Luck
David

Thanks David,

So I guess I just might alter the question to: "What would the 'best' broker be for a UK based trader"?
I know there is IB, but they don't provide tick data as far as I know and the account minimum is $10k, I have $5k...so that's at least two obstacles in the way I know of...

PS: I know, although, looking at brokers websites is one of the criterions, not the only one I've seen a couple of websites that looked like they jumped out of 1990 and didn't belong to the 21st century, especially when you want to manage your account online as well

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  #16 (permalink)
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Posts: 46,240 since Jun 2009
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Futures are not for beginners. Please explore other options, do not start with futures.

Please watch:
https://futures.io/webinars/jan14_2012/where_to_start_part_1/

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #17 (permalink)
Trading Apprentice
Cardiff, UK
 
Futures Experience: Beginner
Platform: Sierra Chart, Think or Swim
Favorite Futures: TF
 
chalupsky's Avatar
 
Posts: 11 since Jun 2012
Thanks: 27 given, 1 received


Big Mike View Post
You really should not be trading futures with only 5k, unless you have a great deal of experience already as a consistently profitable futures trader. Futures are not for beginners.

Mike

I value your opinion Mike as it's your experience talking, and you're most probably right, although,
I know it's risky, I base my decision on my past results. I also have some rules in place and I know I have to start some day. I've been patient for about a year now and I think it will be right time to finally get on with it. I also intend to open an account in the first quarter of 2013, so I've started doing a deeper broker research now. Moreover, by then I may have $10k ready

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  #18 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
Thanks: 29,357 given, 83,238 received


chalupsky View Post
I value your opinion Mike as it's your experience talking, and you're most probably right, although,
I know it's risky, I base my decision on my past results. I also have some rules in place and I know I have to start some day. I've been patient for about a year now and I think it will be right time to finally get on with it. I also intend to open an account in the first quarter of 2013, so I've started doing a deeper broker research now. Moreover, by then I may have $10k ready

The amount of money really is not the issue. Futures are simply not for beginners, whether you have 5k or 5M.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #19 (permalink)
Trading Apprentice
Cardiff, UK
 
Futures Experience: Beginner
Platform: Sierra Chart, Think or Swim
Favorite Futures: TF
 
chalupsky's Avatar
 
Posts: 11 since Jun 2012
Thanks: 27 given, 1 received


Big Mike View Post
The amount of money really is not the issue. Futures are simply not for beginners, whether you have 5k or 5M.

Mike

OK, I get what you mean Mike, initially I thought you meant the amount of $ to start with...
Although I am still a beginner, I have had positive results in an account I've been paper trading; 1 losing month out of 11 so far, so I simply think it's time to give it a real go...

Thanks Mike

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  #20 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,357 given, 83,238 received



chalupsky View Post
OK, I get what you mean Mike, initially I thought you meant the amount of $ to start with...
Although I am still a beginner, I have had positive results in an account I've been paper trading; 1 losing month out of 11 so far, so I simply think it's time to give it a real go...

Thanks Mike

We are off-topic. But you really need to watch:
Webinar: Where to start as a trader? (Part I: Instruments and Brokers)

And read every post here:
https://futures.io/elite-circle/11125-ask-any-trading-question.html

Then you'll be in a much better position to know.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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